New Issue: Prudential Financial prices $1 billion of 4.35% notes due 2050 at 137 bps spread

By Cristal Cody

Tupelo, Miss., Feb. 20 – Prudential Financial, Inc. sold $1 billion of 4.35% medium-term notes due Feb. 25, 2050 on Wednesday at 99.763 to yield 4.364%, according to an FWP filed with the Securities and Exchange Commission.

The notes (Baa1/A) priced with a spread of 137 basis points over Treasuries.

Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., BofA Merrill Lynch and U.S. Bancorp Investments, Inc. were the bookrunners.

The financial services company is based in Newark, N.J.

Issuer:	Prudential Financial, Inc.
Amount:	$1 billion
Description:	Series E medium-term notes
Maturity:	Feb. 25, 2050
Bookrunners:	Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., BofA Merrill Lynch and U.S. Bancorp Investments, Inc.
Co-managers:	CBC Standard Bank plc, Santander Investment Securities Inc., SMBC Nikko Securities America, Inc., Standard Chartered Bank, CastleOak Securities, LP, Drexel Hamilton, LLC, Mischler Financial Group, Inc., Samuel A. Ramirez & Co., Inc., Siebert Cisneros Shank & Co., LLC and Williams Capital Group, LP
Coupon:	4.35%
Price:	99.763
Yield:	4.364%
Spread:	Treasuries plus 137 bps
Call features:	Make-whole call before Aug. 25, 2049 at greater of par and the constant maturity Treasury rate plus 25 bps; thereafter at par
Trade date:	Feb. 20
Settlement date:	Feb. 25
Ratings:	Moody’s: Baa1
	S&P: A
Distribution:	SEC registered

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